Over half of Tanzania’s adult population currently have access to financial services compared to just 27 per cent in the year 2009, thanks to mobile phone money services which central bank boss Prof Benno Ndulu also describes as ‘electronic wallet.’ The improvement, which stands at 57 per cent of the population above 16 years old,
In a speech delivered at the China Development Forum, Ajay Banga, president and CEO of MasterCard, recognized the growth of financial access within the country over the past 30 years and highlighted the critical role financial inclusion plays in the continued development of the Chinese economy. This is the fourth year that Banga has attended
MasterCard and Child & Youth Finance International (CYFI) have announced a global strategic partnership aimed at advancing financial capabilities of children and youth. Of the 2.2 billion children in the world less than 1 percent has access to any form of financial education, often exposing them to potential exploitation. MasterCard and CYFI share the belief
Bank of Tanzania (BoT) is out to hook ‘unbankable’ population to the financial services at affordable costs at a time when penetration is around 14 per cent. The BoT and financial inclusion stakeholders will launch a National Financial Inclusion Framework on Thursday, an occasion expected to be graced by Queen Máxima of the Netherlands and
A new publication, Financial Inclusion in Africa, by the Complex of the Chief Economist of the African Development Bank (AfDB) finds that for sustained and inclusive development to thrive, a great deal of innovation is needed to ensure that appropriate financial services and instruments are put in place for the benefit of the poor and
Oberthur Technologies, a provider of digital security solutions for the mobility space, has announced its partnership with mBank, an entity affiliated to the PlaNet Finance group that aims to facilitate financial inclusion through mobile technology, to offer mobile branchless banking in emerging markets. In these markets, banks and mobile operators need to adapt to deliver
FinMark Trust has released its annual FinScope South Africa 2013 survey results. This year’s study reveals a significant increase in financial inclusion compared to last year from 28.9 million people in 2012, to 30.7 million in 2013. Significant increase in financial inclusion This growth in financial inclusion is mainly due to an increase in borrowing,
MasterCard announced the launch of the MasterCard Center for Inclusive Growth. The Center will conduct and support academic research and provide strategic philanthropic investments that further sustainable and equitable economic growth and financial inclusion around the world. More than a billion people live in extreme poverty, and 2.5 billion adults lack access to formal financial services. While progress is
